With regard to your comments @Bear77 on the board not having Chris around to be part of their response to the ASX, I think Chris is back on deck - he was back in the office last Monday. The AFR were camped outside to get his photo leaving the car park - classy.

He also added his quoted comments to the Bald Hill mothball announcements this morning.

Hard to imagine the business making this mothball call without Chris driving it - or at least advising on it.

Agree the board could just ask him about those IPO matters as Chris was around at the time (and up to all sorts of mischief) but I'm not sure they trust him anymore?!?

Also agree the ASX might not accept this - as the board has access to these answers if they just ask the MD.

This is part of the problem of retaining CE as MD and not just CEO - he is still on the board (so presumably "fit and proper", etc).

It puts the chair in an especially difficult position.

I expect the chair is 'dancing quite close to the door', so may not last until the next AGM as planned.

However the chair going early presents another problem as him staying for 12 months gives them cover to keep CE in situ for 12-18 months so the new chair can be part of the new CEO hiring process.

This feels to me like they are trying to keep CE in place to see through the final investment phase (2.3bn in growth capex spent in FY24, 1.3bn growth capex planned in FY25, and reducing from there) and through the execution phase - getting Onslow to nameplate 35Mtpa capacity by Jun-25 as Phase 1 finishes and Phase 2 (50Mtpa) begins.

Once this happens the path to paying down debt becomes much clearer and financial risk should subside - derisking the business.

Once the debt is reducing and the new CEO is en route, both debt and corporate governance issues should be materially dealt with.

This is what I took the board to mean when they said they were balancing the interests of shareholders with acting on corporate governance breaches - no sudden moves.

Disc: Held.